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Articles 1 - 30 of 70
Full-Text Articles in Social and Behavioral Sciences
Labor Gone Digital (Digifacket)! Experiences From Creating A Web Archive For Swedish Trade Unions, Jenny Jansson, Katrin Uba, Jaanus Karo
Labor Gone Digital (Digifacket)! Experiences From Creating A Web Archive For Swedish Trade Unions, Jenny Jansson, Katrin Uba, Jaanus Karo
Journal of Contemporary Archival Studies
The Internet has become an increasingly important forum for societal activism, as event mobilization, member organization, and some actions have moved online. These new types of activities, often facilitated by diverse social media platforms such as Facebook, Twitter, and Instagram, form an increasingly important part of contemporary social movements’ and organizations’ communication, work, and expression. This rapid digitalization and the increase of online activities have created a dilemma for social movement archives and researchers: Born-digital material is necessary to understand our contemporary movements, yet the materials generated and available on the Internet are rarely systematically archived. To help find solutions …
Lessons Learned: Lorie Logan, Mercedes Cardona
Lessons Learned: Lorie Logan, Mercedes Cardona
Journal of Financial Crises
Lorie Logan is executive vice president in the Markets Group of the Federal Reserve Bank of New York, the System Open Market Account (SOMA) manager pro tem for the Federal Open Market Committee (FOMC), and head of Market Operations, Monitoring, and Analysis (MOMA).
Lessons Learned: Donald Kohn, Maryann Haggerty
Lessons Learned: Donald Kohn, Maryann Haggerty
Journal of Financial Crises
Kohn, an economist, is a 40-year veteran of the Federal Reserve System. He served as a member of the Board of Governors, and was vice chair, from 2002-2010, which included the years of the global financial crisis (GFC).
The United Kingdom's Asset-Backed Securities Guarantee Scheme (U.K. Gfc), June Rhee
The United Kingdom's Asset-Backed Securities Guarantee Scheme (U.K. Gfc), June Rhee
Journal of Financial Crises
The key structures of housing finance in the UK in the years leading up to the global financial crisis of 2007-09 consisted of retail deposits, secondary market funding and wholesale interbank lending. Although retail deposits were the major funder of UK mortgages, secondary market funding, which included covered bonds and residential mortgage-backed securities (RMBS), accounted for 31% of UK mortgage lending in 2006. In 2007, the collapse of the U.S. subprime mortgage market triggered a financial shock, and the shock quickly traveled beyond national borders. Regardless of differences in the UK mortgage market, investors’ concern over the prospects of the …
The United Kingdom's Credit Guarantee Scheme (U.K. Gfc), Christian M. Mcnamara
The United Kingdom's Credit Guarantee Scheme (U.K. Gfc), Christian M. Mcnamara
Journal of Financial Crises
The September 15, 2008, bankruptcy of Lehman Brothers resulted in a collapse of wholesale funding markets that threatened the ability of UK financial institutions to continue funding themselves. By the end of the month, two leading UK banks—HBOS and Bradford & Bingley—had to be rescued, and there was a real risk that the entire financial system could collapse. Faced with the need to stabilize the system, UK regulators on October 8 introduced a package of measures that included a £250 billion Credit Guarantee Scheme (the Guarantee Scheme) aimed at providing banks with access to needed funding. Under the Guarantee Scheme, …
Sweden's Guarantee Scheme (Sweden Gfc), Lily S. Engbith, Kevin Kiernan
Sweden's Guarantee Scheme (Sweden Gfc), Lily S. Engbith, Kevin Kiernan
Journal of Financial Crises
Although Sweden was not as directly impacted by the Global Financial Crisis as some other economies, Lehman Brothers’ bankruptcy on September 15, 2008, prompted Swedish authorities to take preemptive measures to protect domestic banks and financial institutions. One such program, announced on October 20, 2008, and implemented on October 29, 2008, was designed to preserve credit extension to businesses and households through what became known as the Swedish Guarantee Scheme. Per the terms of the Scheme, new short- and medium-term debt of maturities ranging from 90 days to five years issued by eligible banks would be guaranteed by the Swedish …
The Spanish Guarantee Scheme For Credit Institutions (Spain Gfc), Lily Engbith
The Spanish Guarantee Scheme For Credit Institutions (Spain Gfc), Lily Engbith
Journal of Financial Crises
Given Spanish banks’ heavy investment in the housing and construction markets in the lead-up to the global financial crisis (GFC), the collapse of the subprime mortgage market and Lehman Brothers’ bankruptcy on September 15, 2008, impelled the government to implement stabilization measures to calm, recapitalize, and restructure its domestic banking sector. The Spanish Guarantee Scheme for Credit Institutions (the Guarantee Scheme) was one of the first interventions to be enacted, announced by Spain’s Ministry of Economy and Finance on October 13, 2008, by Royal Decree-Law 7/2008 on “Urgent Economic and Financial Measures in relation to the Concerted Action Plan of …
The Portuguese Guarantee Scheme (Portugal Gfc), Julia A. Arnous
The Portuguese Guarantee Scheme (Portugal Gfc), Julia A. Arnous
Journal of Financial Crises
By October 2008, Portuguese banks’ access to liquidity was severely restricted due to strains in international wholesale markets. On October 12-13, 2008, the Portuguese government notified the European Commission of a guarantee scheme intended to promote solvent credit institutions’ access to liquidity as part of the European policy response to the acute financial crisis aiming to achieve and maintain financial stability. Under the scheme, the Portuguese government guaranteed financing agreements and banks’ issuance of non-subordinated short- and medium-term debt. To obtain a guarantee under the Scheme, banks paid a fee based on the maturity of the debt and a risk …
The Polish Guarantee Scheme (Poland Gfc), Manuel Leon Hoyos
The Polish Guarantee Scheme (Poland Gfc), Manuel Leon Hoyos
Journal of Financial Crises
Faced with the global financial crisis of 2007–2009, Poland implemented a scheme of State support for financial institutions. In view of a potential global credit crunch, it aimed at improving short- and medium-term liquidity of domestic financial institutions. The scheme came into force on March 13, 2009, and was approved by the European Commission under European Union State Aid rules on September 25, 2009. The scheme enabled the Ministry of Finance, on behalf of the State Treasury, to provide support in the form of Treasury guarantees on newly issued bank debt and the exchange of Treasury bonds for less liquid …
The Dutch Credit Guarantee Scheme (Netherlands Gfc), Lily Engbith
The Dutch Credit Guarantee Scheme (Netherlands Gfc), Lily Engbith
Journal of Financial Crises
As fallout from the global financial crisis intensified in October 2008, governments around the world sought to implement stabilization measures in order to calm and protect their domestic markets. While not directly exposed to the subprime mortgage crisis, the Kingdom of the Netherlands announced the creation of the Dutch Credit Guarantee Scheme (the Guarantee Scheme) on October 13, 2008, to boost confidence in interbank lending markets and to ensure the flow of credit to Dutch households and companies. In establishing this program, the Dutch State Treasury Agency of the Ministry of Finance (DSTA) committed €200 billion to support the issuance …
The State Guarantee Of External Debt Of Korean Banks (South Korea Gfc), Lily S. Engbith
The State Guarantee Of External Debt Of Korean Banks (South Korea Gfc), Lily S. Engbith
Journal of Financial Crises
Following the Lehman Brothers bankruptcy of September 15, 2008, a number of foreign governments enacted stabilization measures in order to bolster their currencies and inject much-needed liquidity into domestic markets. As part of its effort, the Korean Ministry of Strategy and Finance announced a series of government interventions that included a three-year guarantee of foreign debt issued (including extensions of maturity) by domestic banks between October 20, 2008, and June 30, 2009. This opt-in program was introduced as a preemptive step in ensuring that Korean financial institutions would retain competitive access to external funding in the wake of the global …
Ireland's Credit Institutions (Eligible Liabilities Guarantee) Scheme (Ireland Gfc), Claire Simon
Ireland's Credit Institutions (Eligible Liabilities Guarantee) Scheme (Ireland Gfc), Claire Simon
Journal of Financial Crises
Following the failure of Lehman Brothers in September 2008, Irish banks found themselves unable to roll over their significant foreign borrowings on the interbank lending market. With the banks facing a liquidity crisis, the Irish government decided to issue a blanket guarantee of all liabilities of six banks through the Credit Institutions Financial Support Scheme (CIFS). As the crisis worsened, and it became clear that Irish banks were facing a solvency—not just liquidity—crisis, the Irish government was forced to provide additional support to the financial system, which took the form of capital injections and a national asset management company for …
The Italian Guarantee Scheme (Italy Gfc), Lily Engbith
The Italian Guarantee Scheme (Italy Gfc), Lily Engbith
Journal of Financial Crises
The collapse of Lehman Brothers on September 15, 2008, and its severe impact on global credit markets impelled governments around the world to enact stabilization measures to calm and protect their domestic economies. The Italian Republic, while not directly affected by the US subprime mortgage crisis, preemptively implemented emergency procedures and programs to ensure the stability of their banking system. Announced with the passage of Decree-Law No. 157 on October 13, 2008, and legally enforced under Law 190/2008 of December 4, 2008, the Italian Guarantee Scheme (the Guarantee Scheme) was aimed at protecting institutions whose interbank lending abilities had the …
The Hungarian Guarantee Scheme (Hungary Gfc), Alec Buchholtz
The Hungarian Guarantee Scheme (Hungary Gfc), Alec Buchholtz
Journal of Financial Crises
In the midst of the global financial crisis, in October 2008, the Magyar Nemzeti Bank (MNB), the Hungarian national bank, noticed a selloff of government securities by foreign banks and a large depreciation in the exchange rate of the Hungarian forint (HUF) in foreign exchange (FX) markets. Hungarian banks experienced liquidity pressures due to margin calls on FX swap contracts, prompting the MNB and Minister of Finance to seek assistance from the International Monetary Fund (IMF), the European Central Bank (ECB) and the World Bank. The IMF and ECB approved Hungary’s requests in late 2008 to create a €20 billion …
French Liquidity Support Through The Société De Financement De L’Economie (Sfef) (France Gfc), Everest Fang
French Liquidity Support Through The Société De Financement De L’Economie (Sfef) (France Gfc), Everest Fang
Journal of Financial Crises
After the collapse of the Lehman Brothers in September 2008, financial panic and uncertainty intensified in Europe. In France, banks faced a widespread confidence crisis driven by fear that they were exposed to the US subprime market. In response, on October 13, 2008, the French government passed the “loi de finances rectificative pour le financement de I'économie.” This provided for the establishment of the Société de Financement de l’Economie Française (SFEF), a special purpose vehicle (SPV) jointly owned by the State and a group of banks and responsible for refinancing major French credit institutions. The SFEF raised funds on the …
The Guarantee Scheme For Bank Funding In Finland (Finland Gfc), Lily Engbith
The Guarantee Scheme For Bank Funding In Finland (Finland Gfc), Lily Engbith
Journal of Financial Crises
As the global financial crisis raged in October 2008, its severe impact on global credit markets impelled governments to enact stabilization measures to calm and protect their domestic economies. The Republic of Finland, though not directly affected, designed preemptive interventions to mitigate disruption to its financial system. Among them was the Guarantee Scheme for Bank Funding in Finland (the Guarantee Scheme), announced on October 22, 2008, and implemented on February 12, 2009, which aimed to support banks and mortgage institutions with their short- and medium-term financing needs. Under the program, the Finnish State Treasury made up to €50 billion available …
Denmark's Guarantee Scheme (Denmark Gfc), Keni Sabath
Denmark's Guarantee Scheme (Denmark Gfc), Keni Sabath
Journal of Financial Crises
The international financial system had been experiencing challenges for almost a year before the crisis truly manifested in Denmark during the Summer of 2008 with the sudden demise of Roskilde Bank, Denmark’s eighth largest bank. As more Danish banks became distressed in the fall of 2008 after the collapse of Lehman Brothers, the government determined that it was necessary to intervene in the banking sector through actions such as taking over and winding up distressed banks, giving guarantees to back up the sector, and providing capital injections and liquidity support. This paper focuses on the two different types of guarantee …
The Canadian Lenders Assurance Facility (Canada Gfc), Claire Simon
The Canadian Lenders Assurance Facility (Canada Gfc), Claire Simon
Journal of Financial Crises
Following a meeting of Group of Seven leaders in October 2008, the Canadian Minister of Finance announced the creation of a new Canadian Lenders Assurance Facility (CLAF). The facility enabled federally regulated deposit-taking financial institutions to access government insurance of up to three years on newly issued senior unsecured wholesale debt. This mirrored similar programs in other countries to ensure that Canadian financial institutions were not competitively disadvantaged in the wholesale debt market at a time when most developed countries were guaranteeing their banks’ debt. This competitive disadvantage never materialized, and the facility was allowed to expire on December 31, …
The Belgian Credit Guarantee Scheme (Belgium Gfc), Aidan Lawson
The Belgian Credit Guarantee Scheme (Belgium Gfc), Aidan Lawson
Journal of Financial Crises
Much like other developed economies during the global financial crisis, Belgium faced substantial systemic stress to its large and heavily concentrated financial system. To combat these mounting pressures, the Belgian government launched a wide-ranging, opt-in state debt guarantee program in a concerted effort to instill confidence and stymie the fear of runs in its financial sector. The debt guarantee scheme, pursuant to which eligible institutions could issue government-guaranteed debt, was originally put into place on October 15, 2008, and retroactively covered liabilities entered into from October 9, 2008, to October 31, 2009, with a maximum maturity of three years. It …
Austria's Oesterreichische Clearingbank Ag (Oecag) (Austria Gfc), Claire Simon
Austria's Oesterreichische Clearingbank Ag (Oecag) (Austria Gfc), Claire Simon
Journal of Financial Crises
In October 2008, euro-area countries adopted a joint framework to guide national policies combatting the effects of the global financial crisis. In Austria, this led to the enactment of a number of measures and amendments, including the Interbank Market Support Act (Interbankmarktstärkungsgesetz, or IBSG). IBSG called for the establishment of a new clearing bank to facilitate interbank lending. It also permitted the Minister of Finance to guarantee up to €5 billion of short-term securities issued by the clearing bank and to absorb losses of the clearing bank up to €4 billion. The clearing bank, Oesterreichische Clearingbank AG (OeCAG), was owned …
Austria's Ibsg Guarantee Program (Austria Gfc), Claire Simon
Austria's Ibsg Guarantee Program (Austria Gfc), Claire Simon
Journal of Financial Crises
Following the adoption of a joint framework by euro-area countries in response to the intensifying financial crisis in October 2008, Austria enacted a package of measures including the Interbank Market Support Act (Interbankmarktstärkungsgesetz, "IBSG"). In addition to calling for the establishment of a new clearing bank to facilitate interbank lending, IBSG permitted the Austrian government to guarantee debt securities issued by other eligible institutions. Securities issued by eligible institutions with a maturity of three years or less (five years in exceptional circumstances) were eligible for guarantee. According to IBSG, the amount outstanding for all measures taken under the act could …
The Australian Government Guarantee Scheme For Large Deposits And Wholesale Funding (Australia Gfc), Ariel Smith
The Australian Government Guarantee Scheme For Large Deposits And Wholesale Funding (Australia Gfc), Ariel Smith
Journal of Financial Crises
The Australian Guarantee Scheme for Large Deposits and Wholesale Funding was developed in 2008 shortly after the failure of Lehman Brothers. It was designed to foster financial-system stability and confidence and to help depository institutions continue to access funding during a period of volatility. In addition to a guarantee for large deposits, the scheme allowed institutions to apply for a government guarantee for newly issued wholesale liabilities with maturities of up to five years; in return, the institutions paid the government a monthly fee based on their credit rating and the value of the debt guaranteed. The entire Guarantee Scheme …
The Debt Guarantee Program Of The Temporary Liquidity Guarantee Program (U.S. Gfc), Justin Katz
The Debt Guarantee Program Of The Temporary Liquidity Guarantee Program (U.S. Gfc), Justin Katz
Journal of Financial Crises
Following the collapse of Lehman Brothers in September of 2008, banks faced extreme difficulty in issuing new debt and finding affordable sources of funds due to heightened fears over counterparty solvency and liquidity risk. By the end of September, the TED spread had spiked to 464 basis points, and issuance of commercial paper fell 88%. On October 14th, to boost confidence and lower short-term financing costs, the Federal Deposit Insurance Corporation announced the Debt Guarantee Program (DGP) as part of the Temporary Liquidity Guarantee Program (TLGP). Under the DGP, the FDIC guaranteed in full a limited amount of senior unsecured …
Bank Debt Guarantee Programs, Christian M. Mcnamara, Greg Feldberg, David Tam, Andrew Metrick
Bank Debt Guarantee Programs, Christian M. Mcnamara, Greg Feldberg, David Tam, Andrew Metrick
Journal of Financial Crises
One of the hallmarks of the global financial crisis of 2007-09 was the rapid evaporation of the non-deposit, wholesale funding many financial institutions had become increasingly reliant upon in the years leading up to the crisis. In the aftermath of the Lehman Brothers bankruptcy, governments became increasingly concerned about even fundamentally sound institutions’ ability to access necessary funding. In response, beginning in October 2008, authorities across the globe began introducing guarantee programs enabling institutions to issue debt that would be backed by a guarantee from the government in exchange for a guarantee fee. While the specific details of these programs …
Denmark's Loan Bills Temporary Credit Facility (Denmark Gfc), Keni Sabath
Denmark's Loan Bills Temporary Credit Facility (Denmark Gfc), Keni Sabath
Journal of Financial Crises
The loan bills temporary credit facility was first implemented in May 2008, before the Global Financial Crisis had truly hit Denmark. It continued to be utilized as part of a broader effort to increase interbank lending after the collapse of Lehman Brothers in September 2008. The objective of the loan bills scheme was to facilitate lending among financial institutions. Each week, loan bills could be pledged as collateral for a seven-day loan from Denmark’s central bank, Danmarks Nationalbank. One banking institution could borrow from another institution by issuing a loan bill, and the institution buying the bill could raise liquidity …
Denmark's Excess-Capital Temporary Credit Facility (Denmark Gfc), Keni Sabath
Denmark's Excess-Capital Temporary Credit Facility (Denmark Gfc), Keni Sabath
Journal of Financial Crises
During the interbank market freeze following the Lehman Brothers collapse in September 2008, Denmark’s central bank, Danmarks Nationalbank, used a series of unconventional monetary policy instruments to increase market liquidity. One such action included the introduction of the excess-capital temporary credit facility, also known as the solvency scheme. Under this facility, credit lines from Danmarks Nationalbank could be provided to banks and mortgage-credit institutions on the basis of their excess capital adequacy, calculated as the difference between their base capital and their capital need. The purpose of this facility was to ease the tight liquidity situation by providing access to …
The United Kingdom's Corporate Bond Secondary Market Scheme (U.K. Gfc), Claire Simon
The United Kingdom's Corporate Bond Secondary Market Scheme (U.K. Gfc), Claire Simon
Journal of Financial Crises
In late 2008, at the height of the Global Financial Crisis, increased liquidity premia and risk aversion in the secondary market hindered companies’ ability to issue corporate bonds. In response, in January 2009, Her Majesty’s Treasury authorized the Bank of England to establish a facility to purchase commercial bonds through the Asset Purchase Facility. In March 2009, the Bank of England published details on the Corporate Bond Secondary Market Scheme, in conjunction with its quantitative easing program. Under the scheme, the Bank acted as a market maker of last resort in the secondary bond market, making regular purchases of a …
The United Kingdom's Secured Commercial Paper Facility (U.K. Gfc), Claire Simon
The United Kingdom's Secured Commercial Paper Facility (U.K. Gfc), Claire Simon
Journal of Financial Crises
In mid-2009, the Bank of England (Bank) opened the Secured Commercial Paper Facility (SCPF) as part of its larger Asset Purchase Facility (APF). Through the facility, the Bank offered to purchase secured commercial paper (SCP), a form of asset backed commercial paper, issued by approved programs from both dealers acting as principal in the primary market and after issue from secondary market holders. The facility was designed to establish the Bank as a ready buyer of SCP in the primary market and as a backstop purchaser in the secondary market. In extending the APF to include purchases of SCP, the …
The United Kingdom's Commercial Paper Facility (U.K. Gfc), Claire Simon
The United Kingdom's Commercial Paper Facility (U.K. Gfc), Claire Simon
Journal of Financial Crises
In January 2009, following continued increases in commercial paper spreads, Her Majesty’s Treasury authorized the Bank of England to begin purchasing commercial paper under the Asset Purchase Facility (APF) in order to maintain UK-based corporations’ access to short-term financing. Under the Commercial Paper Facility (CPF), the Bank purchased commercial paper from both primary issuers and secondary holders at a rate that was favorable to issuers during the credit crunch but that would no longer be attractive once the markets recovered. By serving as a backstop, or market maker of last resort (MMLR), the Bank helped to restore liquidity to corporate …
The United Kingdom's Asset Purchase Program (U.K. Gfc), Ariel Smith
The United Kingdom's Asset Purchase Program (U.K. Gfc), Ariel Smith
Journal of Financial Crises
On March 5, 2009, in the wake of the fallout from the Global Financial Crisis, the Monetary Policy Committee of the Bank of England announced a new, unconventional policy measure: quantitative easing. The MPC determined that simply cutting the Bank Rate in the face of a recession would not be enough to boost spending and increase inflation to meet the Bank’s goal of a 2% CPI-inflation target in the medium term. Rather, over the course of the next year, the Bank purchased £200 billion of assets—primarily gilts—in reverse auctions through a newly created Asset Purchase Program. After just under one …